ASEAN, Hong Kong, China sign protocol to strengthen investment rules

ASM, Philippine Canadian Inquirer
September 22, 2026

Photo courtesy: ASEAN 2026 PH | Facebook

ASEAN and Hong Kong, China have signed the First Protocol to Amend the ASEAN-Hong Kong, China Investment Agreement, introducing clearer rules aimed at improving certainty and predictability for investors on both sides.

The protocol was signed on September 20 in Manila ahead of the 10th ASEAN Economic Ministers-Hong Kong, China Consultation at the Philippine International Convention Center. The signing involved Philippine Trade Secretary Ma. Cristina Roque, Hong Kong Under Secretary for Commerce and Economic Development Bernard Chan, and Thailand Deputy Prime Minister and Commerce Minister Suphajee Suthumpun.

The amendment incorporates schedules of reservations into the existing investment agreement, allowing provisions on national treatment and most-favoured-nation treatment to take effect. These provisions generally require participating economies to give investors from the other parties non-discriminatory treatment, except in sectors or measures specifically listed as reserved.

According to the Hong Kong government, the change will allow Hong Kong enterprises and their investments in non-services sectors to receive treatment no less favourable than that given to local or other foreign enterprises, subject to the listed reservations.

The protocol supplements the existing ASEAN-Hong Kong Free Trade Agreement and Investment Agreement, which cover areas including trade in goods and services, investment, economic cooperation and dispute settlement. The agreements entered fully into force in February 2021.

ASEAN said the latest amendment is intended to create a more transparent, predictable and business-friendly investment environment between the regional bloc and Hong Kong.

Hong Kong’s Commerce and Economic Development Bureau said ASEAN has been Hong Kong’s third-largest destination for outward direct investment for four consecutive years, with a stock of HK$671.2 billion.

The protocol also forms part of continuing work to strengthen investment ties between Hong Kong and ASEAN’s 10 participating member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. An extension of the free trade and investment agreements to Timor-Leste, ASEAN’s 11th member, remains subject to ASEAN’s internal procedures.

Hong Kong and ASEAN said they will continue working toward the protocol’s early implementation after the parties complete the required procedures.